PayZen, a mission-driven fintech company tackling health care affordability for patients and providers with artificial-intelligence-powered financing solutions, announced a partnership with the Iowa Hospital Association and its subsidiary, ServiShare. The partnership solidifies PayZen as the top patient financing platform for IHA’s network of 117 hospitals, 17 health systems and the patients they serve.
After a rigorous review process, IHA selected PayZen for its innovative approach to affordability and best-in-class financing solution, finding an essential opportunity to serve the critical needs of consumers statewide.. By offering flexible payment options, PayZen looks to eliminate medical debt for Iowans and make health care more affordable in the face of a recession, while enabling providers to improve performance and provide the essential care needed for their communities.
“PayZen not only met our standards of service for our members but also demonstrated the ability to work successfully with providers in rural settings,” said Perry Meyer, executive vice president of IHA and SeriviShare. “Rural providers are under immense pressure to deliver quality care with limited resources, but with PayZen’s unique approach to solving patient affordability, we can provide personalized financial solutions for all Iowans looking to access affordable health care across our member hospitals.”
The partnership comes on the heels of a Kaiser Foundation study in June 2022 study in June that provided an in-depth look at the impact of medical debt and its reach across America’s population. According to the study, Iowans owe an average of $582 in medical debt with more than 10% of the state’s residents with medical debt in collections. PayZen reduces this debt for patients while also bringing in more revenue by boosting patient collections for hospitals struggling to keep their doors open, an issue IHA has highlighted in past reports.
“One of the ways our platform brings value to health care providers, large and small, is its flexibility and ease of integration,” said Ed Young, vice president of solutions at PayZen. “Our platform can be used by organizations with limited resources and requires no IT investment to implement, while still giving every patient individualized payment options to fit their budgets. We are excited to work with IHA and their members to deliver a better financial experience to their patients.”
Using PayZen’s technology platform, both patients and providers achieve better financial outcomes. For Iowa hospitals offering PayZen, all patients who apply are automatically approved for PayZen’s 0% interest, no-fee payment plans without a credit check. Payment options are determined by an AI algorithm that analyzes more than 30,000 financial data points to present customized monthly installments and terms up to 60 months. For providers, PayZen consistently produces 30% increases in patient collections with no recourse, which means accelerated cash flow, reduced days in accounts receivable and improvements to the bottom line.
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PayZen is a mission-driven health care fintech company that aims to tackle the growing patient payment responsibility problem with superior technology and a modern approach, “Care Now, Pay Later.” By prioritizing the patient experience and cutting administrative burden, PayZen looks to improve the patient-provider relation and slice the impact of medical debt on both sides. PayZen is backed by leading equity and credit capital investors and is led by proven technology veterans with a successful track record of helping millions of Americans overcome financial struggles.